Articles deals with deduction under Section 80C of the Income Tax Act and explains who is eligible for deduction, Eligible Investments, Limit for deduction, who can invest for whom and time period for investment.

Background for deduction under Section 80C of the Income Tax Act (India) / What are eligible investments for Section 80C:

Section 80C replaces the Section 88 with more or less same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. Even the section 80CCC on pension scheme contributions was merged with the above Section 80C. However, this new section has allowed a major change in the method of providing the tax benefit. Section 80C of the Income Tax Act allows certain investments and expenditure to be tax-exempt. One must plan investments well and spread it out across the various instruments specified under this section to avail maximum tax benefit. Unlike Section 88, there are no sub-limits and is irrespective of how much you earn and under which tax bracket you fall.

The Maximum limit of deduction under section 80C is Rs 1.50 lakh from Financial year 2014-15 / Assessment Year 2015-16. Before FY 2014-15 the limit was Rs. 1 Lakh. Under this heading many small savings schemes like NSC, PPF and other pension plans. Payment of life insurance premiums and investment in specified government infrastructure bonds are also eligible for deduction under Section 80C.

Most of the Income Tax payee tries to save tax by saving under Section 80C of the Income Tax Act. However, it is important to know the Section in toto so that one can make best use of the options available for exemption under income tax Act. One important point to note here is that one can not only save tax by undertaking the specified investments, but some expenditure which you normally incur can also give you the tax exemptions.

Besides these investments, the payments towards the principal amount of your home loan are also eligible for an income deduction. Education expense of children is increasing by the day. Under this section, there is provision that makes payments towards the education fees for children eligible for an income deduction.

Section 80C of the Income Tax Act is the section that deals with these tax breaks. It states that qualifying investments, up to a maximum of Rs. 1.50 Lakh , are deductible from your income. This means that your income gets reduced by this investment amount (up to Rs. 1.50 Lakh), and you end up paying no tax on it at all!

This benefit is available to everyone, irrespective of their income levels. Thus, if you are in the highest tax bracket of 30%, and you invest the full Rs. 1.50 Lakh, you save tax of Rs. 45,000. Isn’t this great? So, let’s understand the qualifying investments first.

i. Provident Fund (PF) & Voluntary Provident Fund (VPF):

PF is automatically deducted from your salary. Both you and your employer contribute to it. While employer’s contribution is exempt from tax, your contribution (i.e., employee’s contribution) is counted towards section 80C investments. You also have the option to contribute additional amounts through voluntary contributions (VPF). Interest is tax-free. Must Read-EPF Act 1952 vis-á-vis Income Tax Act – Tax Treatment of PF Dues

ii. Public Provident Fund (PPF):

Among all the assured returns small saving schemes, Public Provident Fund (PPF) is one of the best. Interest is compounded yearly and the normal maturity period is 15 years. Minimum amount of contribution is Rs 500 and maximum is Rs 1,50,000. A point worth noting is that interest rate is assured but not fixed. Also the interest on Public Provident Fund (PPF) is exempt under Income Tax Act, 1961. Read more- Public Provident Fund Scheme, 2019- Detailed Analysis

iii. Life Insurance Premiums:

Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in Section 80C deduction. Please note that life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C. If you are paying premium for more than one insurance policy, all the premiums can be included. It is not necessary to have the insurance policy from Life Insurance Corporation (LIC) – even insurance bought from private players can be considered here. Read More-Life Insurance Premium- Tax benefit on Payment and Maturity.

v. Home Loan Principal Repayment:

The Equated Monthly Installment (EMI) that you pay every month to repay your home loan consists of two components – Principal and Interest.The principal component of the EMI qualifies for deduction under Sec 80C. Even the interest component can save you significant income tax – but that would be under Section 24 of the Income Tax Act. Please read “Income Tax (IT) Benefits of a Home Loan / Housing Loan / Mortgage”, which presents a full analysis of how you can save income tax through a home loan.-Income Tax Benefits from House Property and Loan

vi. Stamp Duty and Registration Charges for a home:

The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the documents of the house can be claimed as deduction under section 80C in the year of purchase of the house.

vii. Sukanya Samriddhi Account :

Sukanya Samridhi Account’ can be opened at any time from the birth of a girl child till she attains the age of 10 years, with a minimum deposit of Rs 250. A maximum of Rs 1.5 lakh can be deposited during the financial year. Interest on this account is fully exempt from tax in the year of accrual as well as in the year of receipt. Sukanya Samriddhi Account meaning Girl Child Prosperity Scheme is a special deposit scheme launched by Prime Minister Narendra Modi on 22 January 2015 for girl child. The details of this scheme is as under:

Per girl child only single account is allowed. Parents can open this account for maximum two girl child. In case of twins this facility will be extended to third child

Minimum deposit amount for this account is ₹ 250/- and maximum is ₹ 1,50,000/- per year

viii. National Savings Certificate (NSC) (VIII Issue):

NSC is a time-tested tax saving instrument with a maturity period of Five Years. Interest is Compounded Yearly. While the minimum investment amount is Rs 1000, there is no maximum amount. Premature withdrawals are permitted only in specific circumstances such as death of the holder or on forfeiture by a pledgee or when ordered by a court. Investments in NSC are eligible for a deduction of upto Rs 1,50,000 p.a. under Section 80C. Furthermore, the accrued interest which is deemed to be reinvested qualifies for deduction under Section 80C. However, the interest income is chargeable to tax in the year in which it accrues.

This section – Sec 80CCC – stipulates that an investment in pension funds is eligible for deduction from your income. Section 80CCC investment limit is clubbed with the limit of Section 80C – it means that the total deduction available for 80CCC and 80C is Rs. 1.50 Lakh. This also means that your investment in pension funds upto Rs. 1.50 Lakh can be claimed as deduction u/s 80CCC. However, as mentioned earlier, the total deduction u/s 80C and 80CCC can not exceed Rs. 1.50 Lakh.

xi. 5-Yr bank fixed deposits (FDs):

Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are also entitled for section 80C deduction.

xii. Senior Citizen Savings Scheme 2004 (SCSS):

Senior Citizen Savings Scheme (SCSS) is the most lucrative scheme among all the small savings schemes but is meant only for senior citizens. Interest Senior Citizen Savings Scheme 2004 is payable quarterly instead of compounded quarterly. Thus, unclaimed interest on these deposits won’t earn any further interest. Interest income is chargeable to tax. The account may be opened by an individual,

1. Who has attained age of 60 years or above on the date of opening of the account.

2. Who has attained the age of fifty-five years or more but less than sixty years, and who has retired on superannuation on the date of opening of the account.

3. Retired personnel of Defence Services (excluding Civilian Defence employees) shall be eligible to open an account under this Scheme on attaining the age of fifty years subject to the fulfilment of other specified conditions

xiii. Amount Contributed (for a fixed period of not less than 3 years) by a Central Government employee to his NPS (Tier –II) account (Applicable from the Assessment Year 2020-21):

A recent addition to section 80C list, the contributions made to Tier-II NPS account will become eligible for deductions u/s 80C of the Income Tax Act provided that the amount deposited is not withdrawn before completion of three years from the date of deposit. Further, please note that for other NPS subscribers (other than Central Government employees), there will not be any 80C benefits on contribution made to Tier-II account.

xiv. 5-Yr post office time deposit (POTD) scheme:

POTDs are similar to bank fixed deposits. Although available for varying time duration like one year, two year, three year and five year, only 5-Yr post-office time deposit (POTD) qualifies for tax saving under section 80C. Interest is compounded quarterly but paid annually. The Interest is entirely taxable.

xv. NABARD rural bonds:

There are two types of Bonds issued by NABARD (National Bank for Agriculture and Rural Development): NABARD Rural Bonds and Bhavishya Nirman Bonds (BNB). Out of these two, only NABARD Rural Bonds qualify under section 80C.

xvi. Unit linked Insurance Plan :

ULIP stands for Unit linked Saving Schemes. ULIPs cover Life insurance with benefits of equity investments.They have attracted the attention of investors and tax-savers not only because they help us save tax but they also perform well to give decent returns in the long-term. All About Unit-linked insurance plan (ULIP)

xvii. Others:

Apart form the major avenues listed above, there are some other things, like children’s education expense (for which you need receipts), that can be claimed as deductions under Section 80C.

B. So, where should you invest for Section 80C Deduction?

Like most other things in personal finance, the answer varies from person to person. But the following can be the broad principles:

Provident Fund: This is deducted compulsorily, and there is no running away from it! So, this has to be the first. Also, apart from saving tax now, it builds a long term, tax-free retirement corpus for you.

Home Loan Principal: If you are paying the EMI for a home loan, this one is automatic too! So, it comes as a close second.

Life Insurance Premiums: Every earning person having dependents should have adequate life insurance coverage. (For more on this, please read “Life after life – Why you should buy Life Insurance”) Therefore, life insurance premium payments are the next.

Voluntary Provident Fund (VPF) / Public Provident Fund (PPF): If you think that the PF being deducted from your salary is not enough, you should invest some more in VPF, or in PPF.

Equity Linked Savings Scheme (ELSS): After the above, if you have not reached the limit of Rs. 1,50,000, then you should invest the remaining amount in Equity Linked Savings Scheme (ELSS).

Equities provide the best, inflation-beating return in the long term, and should be a part of everyone’s portfolio. After all, what can be better than something that gives great return and helps save tax at the same time?

C. When to Invest for Section 80C deduction?

Many of us start looking for investment avenues only in February or March, just before the Financial Year is getting over. This is a big mistake! One, you would end up investing your money without putting proper thought to it. And secondly, you would end up losing the interest / appreciation for the whole year. Instead, decide where you want to make the investments, and start investing right from the beginning of the financial year – from April. This way, you would not only make informed decisions, but would also earn the interest for the full year from April to March.

I am a central government pensioner. I would like to know the following. If I deposit Rs. 1.50 lakhs under Senior citizen service scheme for a particular year and claim tax exemption under 80C in that year, can I close prematurely after one year by incurring 1.5 percent penalty without loosing the 80C benefit. The doubt is that the scheme has 5 years locking period. Kindly reply.

Read carefully / invest properly = that is tax planning
The above write up is self explanatory ,
Join in forum for your specific queries .
Don,t jump to earn extra income in excess of earning with out knowing the details of Specific Bonds / mutual funds etc ( Lucrative monthly earning ) to meet the family expenditure etc. All are risk factors for the market condition .
Well written details -Tax planing

by 2014 i have invested Rs 100000/ in RID Tax Saver Scheme Sr Citizn in State Bank of Mysore. Lock in period is five yrs. I have to get back my money as am not liable to pay Income tax as my total income will not exceed 3,60,000/ per annum. pls suggest the way out .
Only my untimely death before the completion of five yrs will be making nominee eligible for that money. I can not take back money deposited in tax saver scheme before five yrs

Me and my mother are joint ownerrs in a Flat , we paid for the registration fee and Stamp Duty Rs. 2lakh fifty thousand in September 2016 . The amount was paid by a DD in my mother’s name . Can I claim an exemption of 1 lakh in 80C ?

If you have purchased the property jointly, the co-owners can claim these expenses in their respective income tax returns based on their share in the property. However, the maximum limit of Rs. 1,50,000 available under section 80C shall apply.

I fully agree with these notes, when it comes to tax saving SIP is also one of the best option for tax saving. Just like there are taxes saving government securities, FDs, there are also tax saver mutual funds to cut down your tax bill,
one of which is ELSS SIP’, i.e., Equity Linked Saving Scheme. However, the according to section 80C, the maximum limit of investment is up to Rs. 1 lakh.

Is the NSC to be purchased every year to save tax. I have bought NSC last year and claimed exemption from saving tax and the same can be shown in this year or i should apply for new one. Whether the Fixed Deposits also to be bought every year.

If any female got flat as a alimony after transfer of this property on her name do she need to pay income tax on difference of circal rate (2) after some time she sold it out and purchased small flat in this transaction also do she need to pay tax please clear

me and my brother have joint housing loan. the principal amount paid is about 95000 this year.. can i claim the whole amount as deductions under 80C, when he (my brother) is not claiming the same under section 80C… or it is to be divided equally as per our share in property?

Eligible Premium under Sub-section (3) and (3A) of 80C of Income Tax Act,1961 For regular Life Insurance Policies is 10% of Capital Sum Assured so in you can claim deduction of 30 K only i.e. 10% of 300000.

Eligible Premium under Sub-section (3) and (3A) of 80 C of Income Tax Act,1961 For regular Life Insurance Policies is restricted to 10% of capital sum assured. So you can claim 10% of 300000 i.e. 30000 only.

You could invest additional of 50k under NPS (new pension scheme). This is eligible for deducution under 80 CCD (1B). also any medical insurance premium or health insurance premium can be claimed under 80D.

Hi taxgurus,
I need your help to file tax and reduce the amount that i pay to i.t
Actually i am getting 1200000 rs total salary
How i will reduce my tax where and how much i invest on tax saving schemes.please help me. I plan to buy some Agri land trough bank loan. Is it help me to reduce tax

You can claim:
1) 1.5 lacs deductions under section 80 c which include investments like Life insurance,mutual funds,ppf,nsc,etc.
2) 55000 deductions under section 80 d which is for health insurance.
3) you can invest 50000 in NPS under section 80ccd 1b
4) further you can invest 10% of your basic salary in 80ccd2 in nps (1.2 lacs as it is 10% of your basic salary)

I have purchased a house in Oct 2016 and have paid Rs. 145000 as Stamp Duty and Registration fee. Can the benefit of deduction for payment of Stamp Duty and Registration Fee paid for purchase of house be claimed Under Section 80C with overall limit of Rs. 150000?

I need clarification u/s 80C(3) & also I want to know what will be my payable tax, if my income is 500000 & i have done investment in life insurance policy – premium of Rs.50000/-p.a in hdfc life insurance – regular pay.

Under section 80C you will be eligible for deductions of up to RS:1,50,000.
In case you need help reach out to us dsssvtax@gmail.com and our experts will assist you.You can also call /whatsapp us : 9052535440.

I need to invest 30000 more this year to complete deduction of Rs.150000 under 80c. My wife is a housewife without any taxable income. Is it possible for me to get the tax benefits, if I invest that 30000 on her name?

Home loan principle repayment also qualifies for tax rebate u/s 80C but is it restricted exclusively to the principle portion of EMIs paid during the FY or even lumpsum repayment of say 25K /50K during the year will also qualify under limit of 1.50 lacs u/s 80C

we are dealing compressors. some of our clients are not paying VAT on the freight paid by us while despatching their orders. They claim that the VAT is payable only on the price of goods sold. Whether their claim is correct
Our billing is cost of product+ freight+ VAT at 14.5% on the total of cost and freight. Please clarify

Can anyone guide me where I have to invest money so I can get good regular income after my retirement. My age is 45 years and my salary is 95000 per month.
yearly I deposit Rs.50000 in PPF, Rs.60000 in PF, Rs. 100000 in LIC and I purchase 20 gram gold every here But I dont have any idea where I have to invest money so I can enjoy my life after retirement. After all above investment I can invest more Rs.10000 per month.

mr manish you will take the shri ram ulip plan in that you pay 100000 lakh per annum for 10 year after 10 year you will get monthy fix income 14800 guranted which written on bond paper
means for 1lakh you will get 1.8lakh approx after 10 year
for further clerification call me- 9711251211(sonu sagar)

Can a Long term Capital gain amount accruing by virtue of sale of property which was held by single person be invested in a joint property which he and his wife bought 6 months before making this Capital Gain?

I bought a house for Rs. 20 Lacs and also paid lease rent of Rs. 50000 on the same. I spent 3 lacs on furnishing the house for which I do not have bills. I sold the house within 3 years of purchasing it at Rs. 30 Lacs. Now for calculating Capital Gain tax, Can I :-
(i) Include lease rent paid in the cost price of the flat?
(ii) Can I show Rs. 3 Lacs spent by me on furnishing the house for which I do not have bills now in the total purchase price?

I AM AN EX SERVICEMAN , TOOK VOL RETIREMENT IN 1983, AND DRAWING SERVICE PENSION AND ALSO A DISABILITY PENSION SINCE MY RETIREMENT, EVEN NOW I AM DRAWING BOTH THE SERVICE PENSION PLUS DISABILITY ELEMENT FOR THE INJURY SUSTAINED WHILE IN SERVICE, IS THE DISABILITY ELEMENT PORTION OF PENSION [ DISABILITY ELEMENT ] EXEMPT FROM INCOME TAX ?. PLEASE ADVISE . thanks

I was claiming home loan principle amount under section 80C & interest under section 24 for own home but due to company transfer now I am living in rented home at another city. So can I claim rent amount under any section?

sir,please tell me about im a banking employee gross salary 23600 ,income tax deducting 1113 every month,some what increasing gross salary every month like 24000 to 25000,please tell how much premium i have to pay for new LIC COVERING 330000 PA NOW,WHEN IT WILL BE APPLIED,MY PHONE NUMBER 9573394942

I have 3 LIC policies having total premium 42170{17134+16153+8883} with sum assured 5lakh-5lakh-2lakh and policies are new bima gold, bima gold and Endowment assurance policy.
I paid around 43 k premium{with late fee} in april month and will pay 2016 premium in feb 2016.
So my quiry is whether i would get tax deduction for Rs.85000(for both installment) or only for Rs.42170 in financial year 2015-16.
thanks

My SCSS-2004 a/c matured after completion of its term(5 years)in August 2015 and as permissible in SBI Ihave renewed/extended for 3years,maximum permissible period pse reply whether this amount will be eligible for deduction under 80C of IT act in FY 2015-16

Sir, I have purchased open plot in the FY 2014-15 and started construction residential building on it during the same year. Can I claim deduction u/s 80C on the stamp duty spent on purchase of house site.

hello sir
i have an FD in PNB of 1,00,000/- for 8 years. on maturity value is 181203 @7.5%. Will bank deduct TDS for whole interest of 8 years or for each financial year? if yes then how can save tax. May this FD come in 80C category.

when deduct my deduction amount from my salary account that time Medical reimbursement and HRA amount not deduct and also i am paying rent every month to home owner and medical bill pay to doctor, so i have a question Medical reimbursement and HRA not earn, so way it is deducted?
regarding,The Medical reimbursement and HRA deducted amount or not?
if no please give me reason,
I am state government officer.

I have booked a flat which is under construction. I have done registration of the flat on july 2015, and paid registration fees.I will get the possession of the flat next year i.e. after November 2016.can i avail benefit under 80c in current F.Y. 2015-2016

i purchased new flat for that payment (including service tax) is done on 24/03/2015 i.e financial year 2014-2015 and stamp duty for the same is paid on 5/06/2015 i.e financial year 2015-2016. Now my question is in which financial year i can get rebate for both stamp duty and tax on flat cost paid by me under section 80c

Hi,
I had purchased a house in June 2014 and have paid stamp duty and registration fees in Jun 2014. The possession of my house is in May 2016. Can I claim the stamp duty and registration fees under section 80 C this year?

Sir,
Please inform me whether I am retiring from service in month of feb 2017 and where amount deducted from my salary on account of PF/VPF is qualified for tax exemption as all my retrials benefits to be received on 01st of March 2017

I have opened sukanya samradhi account for my daughter and her mother is gardian in that account.
Can i take tax benefit under 80C(as i am depositing money from my salary)D T6 or only my wife is eligible for tax exemption?

i have a question regarding the medical treatment that is taken in clinic or hospital for the family and for self, has tax rebate in section 80c.Does it have any ceiling limit for the expenditure incurred upon medicals.

Hello
I have another question not entirely related. I would like to know that if i have only capital gains income from equity which is less than my investments in 80C than what is the tax implication. For example i have invested 1.5L in ELSS and my income from short term capital gain from equity is 1.4L. Do i need to pay any income tax at all??

I have a question regarding income tax rebate in section ATC. My son is in service. I am pensioner so I cant have an insurance. I want to get the insurance of my son so that I can have income tax rebate. Is this possible?.

Sir, I have a LIC in my name whose premium is 1,44,000. My total income in FY 14-15 is 856087. I have left my job in August 2014. This years premium has been paid by my parents as dont have that much money. Can I still use this amount in 80c to reduce my taxable income?

This is regard to ppf account.I have deposited for financial year 2014-2015 twelve months Rs 50000.Ihad made a deposit every monthand complted 12 months.Now I want to turther deposit 50000 this month to avoid tax .If I deposit 50000this month will I get exempted from deduction of tax for 50000/-it will be 13 th instalment.

Hi,
I have Question that I purchased 1 LIC policy for this polict premium payment is quarterly. but due to some personal problem i could not pay premium for last 2 quarters. but 1st 2 Quarters premium i have paid. can i take Income tax benefit for that paid premium?

Hi,
I have Question that I purchased 1 LIC policy for this polict premium payment is quarterly. but due to some personal problem i could not pay premium for last 2 quarters. but 1st 2 Quarters premium i have paid. can i take Income tax benefit for that paid premium?

sir I have paid Rs. 5 lacs towards tuition fees of my spouse. Sir is it eligible for exemption under section 80C, as the section talks about the tuition fees paid for children and not for spouse.
Thanks n regards.
Jatinder Singh

I have booked a flat which is under construction. I have done registration of the said flat and paid the registration fees and stamp duty. I will get the possession of the flat next year ie after May 2015 tentatively. Can I avail benefit under 80C in current financial year.
Please reply

Sir I am a retired person. I have invested 9 lakhs from my retirement benefit in the Post Office MIS Scheme The monthly interest is diverted to Cumulative Term Deposit ( 5 Years) for 5 years. I want to know whether the MIS interest is taxable or not; even though the same is deposited to 5 year CTD in the Post Office. Also On maturity of CTD, whether the amount is taxable or not. Please reply An early reply is highly solicited. ( 9967514381 )

Repayment of house loan during the FY comes to Rs 3lakhs as principal and Rs66000 as interest.GPF contribution is Rs60000 and Tuition fee remitted is Rs 24000.How can I distribute this amount for tax dedution

My question is : I am working and avail HRA. Recently I have bought a ready flat in my home town (where I am not staying) for which I have paid stamp duty and registration charges and also have availed a home loan.

So can i avail the benefit of HRA against rent paid by me for my rented house & Can I avail the benefit / deduction under section 80C for the stamp duty and registration expenses and interest paid for home loan too?

For filling IT details for finical year 2014-2015, its usually done in moth of Jan in our firm, I have a doubt, for Sec80C the PPF account which can be availed, but it can been shown till month of Jan only for month Feb and March it not able to show, I want to how can avail that benefit while filing the IT returns in month of July, what’s the procedure, documents required and date?
Pleae help me with it.

I have purchesed second flat. First flat is occupied by self & second flat is given on rent. Can I get the tax benefit on the stamp duty & registration charges paid for second flat. Is it covered under 150000/- or can apply seperatly.

I am buying a flat for self use which is under construction and the posseion will be by Dec 2016. I will be doing my stamp duty and registration on 10 Feb2015. I would like to know whether I can show the cost of stampduty and registration in 80C for this finicial year.

respected sir,
i’ve a question:-
In the IT form it is mentioned under ”7.DEDUCTION UNDER CHAPTER VI-A”- ”J. Tution fees for education of children”, but you’ve mentioned under ”others” that ”Apart form the major avenues listed above, there are some other things, like ”children’s education expense” (for which you need receipts), that can be claimed as deductions under Section 80C.”, what do you mean by, ”children’s education expense” in this? whats the difference between this both.

1. LIC insurance payment made by father in behalf of son (upto which age or there is age limit) while income tax exemption under 80C.
If yes then LIC Payment receipt is sufficient document, submit for proof?
2. If mediclaim/health insurance policy purchased in the name of son and premium paid by father is eligible for exemption under 80C or not?
3. In case of government employee upto which date we have to submit exemption document & how?

Hi, I have puchase a flat with my wife as partner.My wife is in Govt,. secvice ,and she want 80 c deduction in tax saving as Registration and stamp duty. In the receipt the client name is as ” sandipan and other” and no name of my wife in receipt of registration and stam duty of as second owner.My she have to submit the certified copy of deed or xerox copy of sale deed where the name of second owner is dictated.
Either both can or only my wife can claim the deduction?
please give me suggestion…..

Hello
Can you please tell me how to claim Section 80 IA deduction. What is the procedure for the same. Its my first time when I am handling this type of work. So what all documents are required for the claiming it

Sir,
I have a question. sir, my husband has a policy for our child(last year) in his name but now he has left his job & i am paying his entire premium(quarterly). He has never claimed this insurance in his tax-benefit. I am also working. Can i show this LIC premium for my tax benefit scheme.

I have complete financial solutions with proper “Tax Relief” under Income Tax Act. Best Investment Planning with relevent section like 80’C & 80’D.

YOU can contact for the same:Life Insurance, Mediclaim, Mutual Fund (SIP/Lumsum), Income tax Return (Online) and all other online services.
And also contact for Company Secretary and Chartered Accountant office work.

I want to know that the education fees for children is also entitled for claim rebate u/s. 80C.

Now my question is that, my grand son who is staying with us and i will deposit the education fees for Rs. 60,000/- for his higher studies, can i claim the deposit amount in the income tax rebate U/s. 80C.of the IT Act ?

the parents of the child is not claimed the Education fees in their income tax return.

I appreciate your social service of answering their queries and helping them.

My question is : I am working and avail HRA. Recently I have bought a ready flat (where I am not staying) for which I have paid stamp duty and registration charges and also have availed a home loan.

So while availing benefit of HRA against rent paid by me for my rented house where I stay, Can I avail the benefit / deduction under section 80C for the stamp duty and registration expenses and interest paid for home loan under section 24 ?

sir
I am working in a PSU residing in quarters provided by the organization.My D.D.O calculated perquisite amount wrongly on higher side and deducted higher TDS. He issued Form 16 with the wrongly calculated perquisite amount. He is not willing to correct FORM 16. My auditor says Form 16 should be corrected otherwise we cannot claim refund. Till date I have not filed my I.T returns.please advise me

Sir, I have a query. I have purchased Rs.60,000/- NSC in this FY for investment purposes and tax rebate u?s 88. Now I want to take a loan against these NSCs from a bank by pledge it within same FY. What is the provisions of I tax. Can I take a bank loan and get benefit U/s 88 in same FY. Kindly advise me.

kindly let me your views , in case of exemption of L I C. Now we have to pay also the service tax along with the insurance premium, It is my question ,whether we are entitled to claim the deduction for L I C along with service tax or without service tax. However in my opinion we cant not claim the deduction of L I C alongwith service tax, WHAT IS YOURS VIEW

My husband & I in a joint account took Housing Loan. For income tax purpose I produce annual statement of the bank.Now they asking ownership/co ownership document.How can I get this certificate? Who will give me this certificate ? Wether respective bank or panchayath or village officer?

I am currently residing in a flat which is under House Building Loan of HDFC Ltd. since 2004. I had availed another loan in 2011 from Corporation Bank for a flat under a Cooperative Society, which is still under construction. Both banks provide me with EMI certificates every year. Am I eligible to avail deduction u/s 24(b) and/or 80c for both the mentioned house properties?

I have booked a flat which is under construction. I have done registration of the said flat and paid the registration fees and stamp duty. I will get the possession of the flat next year ie after May 2015 tentatively. Can I avail benefit under 80C in current financial year.

I have query regards the fixed deposite for 5 year. i had done FD in 2010 of Rs- 1,00,000/- but that perticular year i cant take benefit of 80C, can i take the same in the current year.AY 14-15. kindly suggest me?

i got INR 585971/- as a sallery in 13-14. and declared interest again education laon 32000/- rent 72000/- , however my company deduct tax 37084 as whole. as i can not submiteed my rent receipt on time could you please help me out how i file return and pay genuine Tax.

sirs,
my doubt is whether ican get the rebate under 80 c
for my dearness allowance credited twice annually
i have an amount 24000/- credited to my gpf
my total 80 c amount is only
76000/-
can i add my da arears to 75000/- figure for tax rebate of maximum 100000/-one lakh

Am planning to take a housing loan in Joint Name ( myself & my working wife). Pl suggest how I should be Splitting (any % agreement to be executed between both of us )so as to claim tax benefit for both (for our appropriate portion…)

Also pl clarify if total value of property is <40 lacs & can we take loan for 30 Lacs (15 each assume) and even then it will qualify for 80EE as same stipulated loan amount to be < 25 lacs… (if it is per joint loan applicant / on the whole)
thanks in adavance,
regards,
siva

After VRS , I am getting pension and also now earning monthly consolidated pay on Contract basis from a Pvt Co.. Even the pension is shown as consolidated amount in Pension. In that case, pl advise how to assess my IT . Whether I have to show the entire amount as salary for calculating Tax. Kindly guid me.

i had purchased 1 acre agriculture land in my native place during the 2013-2014 period & had the sale deed got registered in my name for which the stamp duty & registration fees i have paid .
my query is can i claim the stamp duty registration exemption under 80c

pls understand that sec 80c for Replyment of Loan which u pay in EMI basis. and we Know that EMI consists of both A portion of principal and Interest.Principal paid in one FY can be claimed in 80C Maximum upto 100000 and Interest portion can be claim U/s 24(b)-Limit is 1,50,000

Sec. 80C of IT Act specifies that tax relief is permitted on various instruments only out of investments made from out of income of the incumbent. In your case you have taken 5-yr Tax Saver Fixed Deposit in your dependant parents name from out of your income for which you will not get tax relief while accounting for your tax return. Such tax relief benefit is available to you only if you make investment in LIC schemes for your parents out of your income, but not in case of Tax Saving Bank FDRs.

Is a regular school teacher of non-gazetted rank working in Municipal Corporation of Delhi school, drawing salary in scale of pay of Rs 9300-34800 with Basic Pay Rs 19680 and Grade Pay Rs 5400, eligible to receive yearly Bonus or not ? If eligible to get bonus, then under what service rule. Pl help and guide me.

Please answer immediately,
If an individual assessee pay the amount of life insurance premium as on 29.03.2013 (F.Y. 2012-13) by cheque
and got receipts also as on 29.03.2013. The cheque cleared as on 03.04.2013 (F.Y. 2013-14) . Now my question is that can we claim the deduction u/s 80-c for F.Y. 2012-13 or not ?

This year i had paid 2 year premium of Rs 100000/- (50000*2) in my ULIP policy. kidly confirm can i take tax benefit of Rs 100000/- under sec 80C. my basis premium is Rs 50000/- and my insurance amount is 250000/- which is 5times of my premium.

Can a stamp duty deduction be claimed on a house under construction and when there is a difference in the possession date of the house and the payment of the stamp duty? eg. my possession date is June 2014 and i paid the stamp duty in March 2013

sir, under 80c 100000/- exemption. i showed 75,000. so still i can eligible for 25,000 right. i paid 50,000 tax for govt in my salary. so i want to take p.p.f if so, 1. how much can i invest and 2.how much return i can get. If i invest under p.p.f 50,000